Since the outbreak of the novel Coronavirus and nationwide lockdown, our dependency on digital technology has increased exponentially. We are forced to evolve as individuals and as a society, prepare ourselves for the future and cope with it. Cutting-edge technologies have been reshaping the business world, even before the pandemic. Now, with working remotely and increased screen time, even the individuals who were a long way behind in terms of technology had to get on board and adopt digital technology to step up their game.
Sectors like cyber security, cloud computing, internet of things (IoT) & data-related domains have always contributed to the world economy and consumer needs. Until now, these technologies have held importance to only a small segment of people who are deeply enthusiastic about them but now, every other individual has started taking an interest in them as well. These domains have seen a rise in popularity and steep growth in its relevance to businesses in the past five months.
The pandemic has unquestionably given a ripe ground to front line advancements that will end up being the standard in the future for these domains, especially. Here is how the domains are most likely to emerge as the booming sectors in the future.
Cyber Security has always been a concern for organisations, and they are still working towards taking better security measures to ensure full safety from any forms of cyberattacks. As the pandemic pushed organisations to work remotely, the Cyber Security space has seen exponential growth and Cyber Security providers have become financial investors’ point of focus.
Gartner Forecast says that the worldwide spending on Cyber Security is expected to grow by 2.4% to reach $123.8 billion by the end of 2020. Nowadays, individuals have also become aware of it and more concerned about security and privacy. They want to make sure everything is encrypted and secured.
For the last 6 months, most organisations are working from home, and it has been happening seamlessly because of Cloud Computing technologies. Cloud Computing makes data storage and data access easier for employees. Companies have migrated to Cloud-based business models to adapt to the new normal.
Not just at an organisational level, but even at an individual level people have been using Cloud servers and Cloud-based platforms – now more than ever. According to a survey by Flexera, 59% of enterprises have seen 50% higher than initially planned usage throughout the Covid-19 pandemic, and this number will only continue to grow.
Dependency on data has seen an upsurge in data-related domains like data analytics and data science. As per Social Media Today, more than 2.5 quintillion bytes of data are generated every day. And this number will only keep increasing. Today, as people are forced to stay at home and avoid public areas, they have turned to shopping online for luxury items to groceries and other essentials.
Consumer behaviour and orientation have moved towards digitization, resulting in enormous data generation. Organisations are thus more focused on data-driven consumer insights that empower them to meet the consumers’ demands and predict future trends in the market. Data allows businesses to make smart and quick decisions and solve consumer problems.
Internet Of Things (IoT)
According to Business Insider, Amazon had spent almost USD 10 million on thermal cameras to monitor its US employees’ health. With this increase in demand, the global IoT market is expected to boom in the coming years. The crisis caused due to Covid-19 has triggered an upsurge in demand for the Internet of Things.
With public well-being becoming a top priority in today’s world, IoT technology – combined with Cloud and data analytics – is helping individuals and businesses improve safety, quality and efficiency to survive the pandemic and succeed post-pandemic. As per a survey by Markets and Markets, due to Covid-19, the global IoT market size is predicted to grow from $150 Bn in 2019 to $243 Bn by 2021.
With their steady growth rate, increase in demand, and productivity, these emerging technologies have used the crisis as an opportunity, and have managed to show us the bright side by meeting the consumers’ needs amidst the crisis. Cyber security, cloud computing, IoT and data-related domains, will continue to contribute to the world economy and will emerge as the next booming domains in the IT sector.